Bitcoin’s price has been experiencing a gradual recovery on a micro level, showing a 1% increase over the past 24 hours, bringing it back above $83,000. However, when viewed from a broader perspective, Bitcoin remains in a bearish trend, down 9.3% in the past week and 24.7% from its all-time high (ATH) in January.
This extended downtrend has raised concerns about whether the market is undergoing a deeper correction or if a potential reversal is on the horizon.
Possibility Of A Deeper Correction in Bitcoin
Analysts seem to have been closely monitoring Bitcoin’s market-value-to-realized-value (MVRV) ratio, which serves as a key indicator of whether Bitcoin is overvalued or undervalued based on historical price trends.
CryptoQuant analyst Crypto Dan recently provided insights into Bitcoin’s current market position, noting that the proportion of BTC holdings under one month surged in both March and December 2024, reaching 23% and 24.5%, respectively. This trend mirrors p
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